The Related Group & Dezer Development Successfully Pays Off $114.7 Million Construction Loan For HYDE Suites & Residences Midtown Miami

The Related Group and Dezer Development have officially announced that they have paid off construction financing for the recently completed Hyde Suites & Residences Midtown Miami. The $114.7 million loan was issued by an affiliate of Mack Real Estate Credit Strategies, a New York lending firm, in February 2016. The property is the partnership’s most recent co-developed project to complete, with Residences by Armani/Casa slated for a 2019 delivery. The 470-unit mixed-use Hyde Midtown, which broke ground in September 2015, is nearly completely sold out. The property’s hotel component, the first in the Midtown neighborhood, is expected to open in this fall (2018).

“The rate of closings, and subsequently our ability to fulfill this loan, speaks to the strength of the Midtown submarket as well as top-tier quality of our product,” said Ben Gerber, Vice President of Finance for The Related Group. 

“We are ecstatic with the delivery of Hyde Midtown,” added Carlos Rosso, President of The Related Group’s Condominium Development Division. “The essence of the Hyde brand paired with David Rockwell’s interiors perfectly represents the neighborhood’s hip, modern aura. It’s incredible to see the energy as future residents come in to sign and are finally able to see their new home.” 

Hyde Midtown features 410 luxury residences and 60 designer suites, with a sleek exterior designed by Arquitectonica. The project boasts a slew of amenities, including an expansive seventh floor pool terrace, private screening theater, game room and upgraded fitness facilities. As a part of the ongoing partnership between Related and famed hospitality group sbe, all Hyde residents will be able to enjoy access to South Beach’s hottest beach club, Hyde Beach at the SLS Hotel South Beach. 

Related Group Pays Off $166 Million Construction Loan For SLS LUX Which Is Set To Open

Related Group has announced that they have paid off construction financing for the soon-to-open SLS LUX Brickell Hotel & Residences. The $166.1 million loan was issued by TPG Real Estate Finance Trust, the commercial real estate debt platform of TPG Real Estate, in September 2015, and is the fourth construction loan successfully paid off by the developer over the past 18 months. The grand opening is slated for June 14. The 450-unit mixed-use SLS LUX, which was co-developed with The Allen Morris Company, broke ground in December 2014, is now 100% sold-out, with over 400 units already closed and/or occupied. 

“Paying off the loan is a major milestone for us,” said Ben Gerber, Vice President of Finance for The Related Group. “It speaks to the quality of the product and to the strength of the Miami market.” 

“We are thrilled about the completion of our second project with sbe in Brickell,” added Carlos Rosso, President of The Related Group’s Condominium Development Division. “The opening of SLS LUX fulfills our long-time vision of a pedestrian-friendly South Miami Avenue, and buyers are excited to move in and begin living the lifestyle.” 

SLS LUX is the latest evolution from the award-winning SLS Hotels and Residences brand. The luxury tower is located just steps from Brickell City Centre in the heart of Miami’s Brickell neighborhood on South Miami Avenue and SE 8th Street. The project offers a mix of 450 residences and 78 hotel suites that blend exquisite décor by Yabu Pushelberg, world-class art, award-winning culinary offerings and exclusive lifestyle amenities and services. SLS LUX also features an array of food and beverage outlets from sbe's portfolio including SBar Lounge and a ground-floor restaurant and Katsuya, helmed by master chef Katsuya Uechi.